The Use of Optimal Control Theory as a Benchmarking Tool in Production-Inventory Systems

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Author(s): Paulo Nocera Alves Jr. (University of São Paulo (USP), Brazil)and Elmer Pablo Tito Cari (University of São Paulo (USP), Brazil)
Copyright: 2018
Pages: 25
Source title: Handbook of Research on Applied Optimization Methodologies in Manufacturing Systems
Source Author(s)/Editor(s): Ömer Faruk Yılmaz (Istanbul Technical University, Turkey & Yalova University, Turkey)and Süleyman Tüfekçí (University of Florida, USA)
DOI: 10.4018/978-1-5225-2944-6.ch014

Keywords: Business & Management / Business Science Reference / Industrial Informatics

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Abstract

This chapter addresses some issues related to some Optimal Control Theory (OCT) problems (for example, impossible analytical solution because of an unsolvable integral, or punctual parameters that were unrealistic). It is proposed the use of OCT as a benchmarking tool to analyze inventory control systems to enhance parameters. In addition, the application of methods and heuristics in solving these problems is also described. These methods are discussed and applied in calculating the production and inventory functions using data of accounting variables of USA and Brazil companies, available in the Economatica software data base. Eventually, the results are compared and some recommendations about the advantages and disadvantages of each method are accomplished.

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The Use of Optimal Control Theory as a Benchmarking Tool in Production-Inventory Systems

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